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Many business partnerships begin with two people coming together with like-minded business ideas.
In the beginning things are great, both parties get along well and the creative juices flow. Eventually a legal partnership is formed.
However, once the business is formed, do you know how your partner deals with setbacks and success? Do you know how they deal with money? What about hiring employees?
In this episode, Referral Coach Bill Cates meets with financial advisors Karen Jessey & Neill Turner from Strategic Wealth Partners. They discuss how to successfully navigate the ins and outs of a business partnership, as well as specific considerations around succession planning for financial advisors. They share the process they’ve taken to build Neill’s acumen as the successor of the business as Karen moves towards retirement.
Karen & Neill discuss:
- Why Karen decided to start thinking about the succession of her business
- The importance of having difficult conversations with your business partner
- The decision-making process within a successful business partnership
- The potential difficulties of bringing in a business partner, and eventual challenges regarding succession planning for financial advisors
- And more